Linciano, Nadia --- "Clearing and settlement" [2019] ELECD 2248; in Fabbrini, Federico; Ventoruzzo, Marco (eds), "Research Handbook on EU Economic Law" (Edward Elgar Publishing, 2019) 510

Book Title: Research Handbook on EU Economic Law

Editor(s): Fabbrini, Federico; Ventoruzzo, Marco

Publisher: Edward Elgar Publishing

Section: Chapter 17

Section Title: Clearing and settlement

Author(s): Linciano, Nadia

Number of pages: 26

Abstract/Description:

Chapter 17 discusses clearing and settlement. The picture emerging from thise chapter is one of a significant and growing harmonization, but a process which is still incomplete and, in any case, uneven. While some areas enjoy significant uniformity (e.g., financial services or prospectus), in other important areas national differences are still significant (e.g., with respect to civil liability for false, incomplete or misleading prospectus). The institutional framework is itself only partially satisfactory. The very limited direct supervisory powers granted to the ESAs, for example, due to constitutional constraints, determine a baroque and possibly ineffective pan-European supervision. In this context, additional efforts seem to be needed to complete Capital Markets Union, and there are questions whether the political will to do so will be strong enough following the UK withdrawal from the EU.